Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-23

Hi all,

For anyone interested, the following is my brief opinionated analysis of the Quarterly Activities Report:

Absence of an update on a USA dual listing
The absence of an update or mention of a USA dual-listing is quite telling, in that it demonstrates to me that the Company may choose to inform the market with an individual, positive and price sensitive announcement on the matter. Please take into consideration, that the Company provided an update in the previous Quarterly Activities Report dated, 29/04/21. One could speculate, that should an individual announcement on the matter not be a consideration in the very short term, then one would have expected the Company to produce a minor update within this current Quarterly Activities Report, and may have used words such as 'ongoing' or 'continues' in order to keep the market informed - sometimes the detail is in what is not said. This is all speculation, however, this is all obvious to me.

Psilocybin-assisted psychotherapy for Generalised Anxiety Disorder (Psi-GAD)
Positive update, specifically updating the market that the clinical trial protocol has been finalised in conjunction with the input to what I consider to be from an impressive team of medical experts. The trial protocol appears to be robust and highly considerate of the, FDA/USA. Some other details were already previously obvious to me via clues found from social media/internet. For example, the recruitment of therapists was known to me at the end of June, 2021. Another source states that the applications for therapists within the trial closed as of, 26/07/21 - this would be inline with the Company stating that the therapist recruitment process is "nearly finalised".

IHL-42X for Obstructive Sleep Apnoea
Already understood - good progress to date.

IHL-675 for lung inflammation, rheumatoid arthritis, and inflammatory bowel disease
Already understood - good progress to date.

IHL-216A for concussion and traumatic brain injuries
Already understood - good progress to date.

Discontinuation of unregistered cannabinoid products
In a Company announcement to the market, dated 29/04/21, the Company stated "continues to assess the ongoing desirability of generic product sales, which are limited to only the Australian market via the special access scheme. Incannex will decide on this matter as it continues to explore its options in relation to a main board US listing." When I read this statement, I took the opinion that a discontinuation of unregistered cannabinoid products was a high-probability, so I did expect this decision. I consider this a positive move by the Company, as it demonstrates their ability to seriously consider the advice of their USA advisors with regard to creating value for its shareholders and improving Company efficiency. In my opinion, the sales of unregistered cannabinoid products was no 'gold mine', and provided little to no value to the share price and investors - considering, there was only $735k in the December 2020 quarter and $638k in the March 2021 quarter of cash inflow, associated with the sale of unregistered cannabinoid products.